Crude oil rose from a six-week low in New York as a storm headed toward Mexico and tensions with Iran threatened to escalate after the world's fourth-largest oil producer resisted demands to suspend nuclear research.

Rising U.S. gasoline prices and the growing world food crisis will clash this week when the Bush administration decides whether to relax rules requiring greater use of ethanol in auto fuels.

EXCLUSIVES

Texas Governor Fights U.S. Ethanol Rule That Raises Food Costs

Rising U.S. gasoline prices and the growing world food crisis will clash this week when the Bush administration decides whether to relax rules requiring greater use of ethanol in auto fuels.

MOST READ MARKETS STORIES

Oil Rises From Six-Week Low on Tropical Storm, Iran's Nuclear

Crude oil rose from a six-week low in New York as a storm headed toward Mexico and tensions with Iran threatened to escalate after the world's fourth-largest oil producer resisted demands to suspend nuclear research.

Lehman Lowers Crude Demand Growth Forecast by 47% on U.S. Slump

Global demand growth for oil will be 47 percent lower this year than initial forecasts because of declining oil consumption in the U.S. and slowing world economies, Lehman Brothers Holdings Inc. said.

Australia's Newcastle Coal Price Declines for a Second Week

Thermal coal prices at Australia's Newcastle port, a benchmark for Asia, fell for a second week, declining 3.6 percent after exports of the fuel increased and the price of oil dropped to a six-week low.

TOP ENERGY COMPANY STORIES

Cnooc Parent's Net Income Rises 35% on Oil Prices, Output

China National Offshore Oil Corp., the nation's third- biggest oil explorer, said profit climbed 35 percent in the first six months as oil prices surged and crude production increased.

CNPC, Sinopec Group's Refining Loss $836 Million, Industry Says

China National Petroleum Corp. and China Petrochemical Corp., the nation's two biggest oil producers, recorded a refining loss of 5.7 billion yuan ($836 million) in the first half of the year on soaring crude costs.

India's Reliance Industries May Say Profit Rose 24%: Week Ahead

Reliance Industries Ltd., India's biggest company, will probably report first-quarter net income rose 24 percent on higher earnings from processing crude oil.

Hess Makes Second Gas Find off Australia's Northwest Coast

Hess Corp., the fifth-biggest U.S. oil company, found natural gas off the northwest coast of Australia, its second discovery since starting drilling in the country's most-expensive exploration permit.

Contact Energy Plans NZ$500 Million, 177-Megawatt Wind Farm

Contact Energy Ltd., New Zealand's biggest publicly traded energy company, intends to seek planning permission this year to build a 177-megawatt wind farm in southern Hawke's Bay.

HIGHLIGHTS FROM NEWSPAPERS

Thai Plastic Gets $3.8 Billion License in Vietnam, Dau Tu Says

Vietnam gave permission to a group of investors including Thai Plastic & Chemicals Pcl to build a $3.8 billion petrochemical complex in southern Vietnam, Dau Tu newspaper reported, without saying where it got the information.

Rice Warns Iran, North Korea Over Nuclear Programs, AFP Reports

U.S. Secretary of State Condoleezza Rice said Iran has two weeks to respond to incentives to freeze its enrichment program or face more sanctions and will tell North Korea to abide by its nuclear accord, Agence France-Presse reported.

TNK-BP Investor Urged CEO's Visa Rejection, Telegraph Says

Viktor Vekselberg, one of the Russian billionaires who own half of TNK-BP, wrote to a Russian government agency trying to stop the BP Plc joint venture's chief executive from getting a visa extension, the Daily Telegraph said, without saying where it got the information.